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Equity Actions

EGGF

EG Acquisition Corp. (EGGF) plans to transfer its listing from the NYSE to NYSE American and list flyExclusive under the symbol 'FLYX' upon completion of their business combination. The transfer is contingent on meeting all closing conditions and NYSE American's authorization. EGGF and its warrants will trade under 'EGGF' and 'EGGFW' on the NYSE until the combination is finalized, after which they will trade on NYSE American as 'FLYX' and 'FLYXW'.

Portfolio Pulse from Benzinga Newsdesk

December 16, 2023 | 11:49 pm

VTRS

Viatris Inc. (NASDAQ:VTRS) has announced the appointment of Theodora 'Doretta' Mistras as CFO effective March 1, 2024, and Philippe Martin as Chief R&D Officer effective immediately. Mistras brings extensive experience from Citigroup and Goldman Sachs, while Martin has a strong background from Celgene and Schering-Plough. Current CFO Sanjeev Narula will assist in the transition until his departure. The appointments are part of Viatris' strategic plan as it enters Phase 2, aiming for expanded growth and enhanced shareholder value.

Portfolio Pulse from Benzinga Newsdesk

December 16, 2023 | 11:31 pm

BABA

VWAGY

XPEV

Alibaba Group Holding Limited (NYSE:BABA) has reduced its stake in XPeng Inc. (NYSE:XPEV) from 10.2% to 7.5%, selling about 25 million American depositary receipts for approximately $391 million. This decision is part of Alibaba's strategy to reshape its investment strategy and manage capital. Despite the reduction, XPeng assures that Alibaba remains its second-largest shareholder and their strategic relationship continues, with ongoing collaborations in autonomous driving and in-car payment systems. Meanwhile, Volkswagen AG (OTC:VWAGY) has invested $700 million in XPeng for a 4.99% stake, aiming to co-develop EVs in China. Following the news, XPEV shares dropped by 7.54%, while BABA shares rose by 2.76%.

Portfolio Pulse from Nabaparna Bhattacharya

December 16, 2023 | 8:41 pm

F

GM

TM

TSLA

Morgan Stanley analyst Adam Jonas expressed concerns about the future of the US auto industry, particularly for legacy automakers like General Motors Corp. (GM) and Ford Motor Co. (F) as they transition to electric vehicles (EVs). Jonas noted that the strong performance of the auto industry in recent years is unlikely to continue due to various macroeconomic factors. He suggested that GM and Ford need to reduce their capital expenditure and R&D spending, which have significantly increased since 2010, to adjust their strategies to the changing economic and competitive landscape. In contrast, Toyota Corp. (TM) has reduced its per unit spend. Jonas believes that modest changes in capex and R&D, along with a pivot in EV strategy, could yield strong rewards for shareholders.

Portfolio Pulse from Shanthi Rexaline

December 16, 2023 | 6:50 pm

KZIA

Kazia Therapeutics has filed an F-3 form on Friday for a shelf registration, allowing a selling stockholder to potentially sell up to 591,697 American Depositary Shares (ADS).

Portfolio Pulse from Charles Gross

December 16, 2023 | 1:02 pm

ZWS

Zurn Elkay Water Solutions Corporation (Zurn Elkay) has divested four subsidiaries holding asbestos liabilities to Zilco Holdings, Inc. The subsidiaries are Zurn Industries, LLC, OEI, LLC, OEP, LLC, and Krikles, Inc. This move will exclude asbestos liabilities from Zurn Elkay's year-end 2023 balance sheet, with no change to the business interactions of existing employees, customers, and vendors.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 9:36 pm

ORIC

Oric Pharmaceuticals Inc has filed with the SEC to allow selling stockholders to offer up to 12.1 million shares of common stock. This move could potentially dilute current shareholders' equity and impact the stock price.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 9:35 pm

GOVI

SPY

TLT

The 'Santa Rally' on Wall Street has led to a significant increase in U.S. household wealth, with the S&P 500 index rising by 10.2% in Q4, potentially adding $5 trillion to household wealth. The SPDR S&P 500 ETF Trust (SPY) tracked this increase. Treasury bonds also saw gains, with the Invesco Equal-Weight 0-30 Year Treasury ETF (GOVI) up by 7.8% and the iShares 20+ Year Treasury Bond ETF (TLT) rallying by 13% in the same period.

Portfolio Pulse from Piero Cingari

December 15, 2023 | 9:31 pm

GIL

Pzena Investment Management, a firm owning over 10 million shares of Gildan Activewear Inc., has issued a letter to Gildan's Board of Directors urging the re-appointment of Glenn Chamandy as CEO. Pzena has a 28-year history and is taking an active stance in the company's leadership decisions.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 9:25 pm

AMRX

Amneal Pharmaceuticals (AMRX) has announced that it will transfer its stock exchange listing from the New York Stock Exchange (NYSE) to the Nasdaq Stock Market, with the expected listing date on Nasdaq being December 27, 2023. The company will continue to trade under its current ticker symbol 'AMRX'. As a result of the transfer, Amneal will be included in the Nasdaq Composite Index and the Nasdaq Biotechnology Index.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 9:07 pm